Italian energy giant Eni and Qatar Petroleum signed a farm out deal to enable Qatar Petroleum to acquire a 30% participating interest in 12 exploration blocks offshore Morocco, Eni said in a statement on Wednesday.
Eni said the latest deal, which is subject to approval by the Moroccan authorities, will reduce its stake in the Tarfaya area to 45%.
The exploration blocks are in the Tarfaya Area is located in the southern part of the Moroccan offshore shallow waters in water depth up to 1,000 meters and covers a total area of approximately 23,900 square kilometres, Eni stated.
Eni currently operates the area with a participating interest of 75 percent together with Morocco's Office National des Hydrocarbures et des Mines (ONHYM) which holds the remaining 25% stake.
The parties are currently carrying out geological and geophysical studies as part of the first exploration period work program under the accord.
Following the transaction, the partnership will be Eni (45%), QP (30%) and Office National des Hydrocarbures et des Mines (25%).
Enihas operated in Morocco since 2016 when established its wholly-owned subsidiary Eni Maroc.
Earlier this week, Eni and Qatar Petroleum signed an agreement that enabled QP to acquire a 25.5% participating interest in Block A5-A, offshore Mozambique.
Eni and Qatar Petroleum are also partners in Oman and Mexico, according to the statement.
